LAWS OF MARYLAND.

57

paid at the time of subscription, on each share one dollar; and
thereafter when the company shall be formed, the stock subscribed
shall be paid on such instalments, and at such times, as the presi-
dent and directors shall, from time to time, require, as the work
advances: provided, that not more than one-third part shall be de-
manded within any year, from the commencement of the work; nor
any payment demanded, within any year, from the commencement
of the work; nor any payment demanded until at least sixty days
public notice thereof shall have been given, in such public news-
papers as the said president and directors shall direct such notices
to be published in; and whenever any subscriber shall fail to pay
any instalment called for, by the company, it shall and may be
lawful for the company, upon motion to be made in any court of
record, after ten days notice, to obtain judgment against the
subscriber so failing to pay; or the said company, at their option,
may, after giving sixty days notice, in such public newspapers,
printed within the district of Columbia, as they may judge proper,
sell the stock of such subscriber; and if the proceeds of any such
sale shall exceed the sum demanded, the surplus, after paying the
expenses of such sale, shall be paid to the subscriber so failing, or
to his legal representatives; and the purchaser at such sale, shall
become a stockholder, and be subject to the same rules and regu-
lations; and entitled to the same privileges, rights and emoluments,
as original subscribers under this act.

Dec. Ses. 1824

6. And to continue the succession of the said president and di-
rectors, and to keep up the same number:—Be it enacted, That
from time to time, upon the expiration of the said term, for which
the said president and directors were appointed, the stockholders
of the said company, at the next general meeting, shall either con-
tinue the said president or directors, or any of them, or choose
others in their stead; and until such choice be made, the president
and directors for the time being, shall continue in office; and in
case of the death, removal, resignation or incapacity of the president,
or any of the said directors, may and shall, in manner aforesaid,
elect any other person or persons to be president and directors, in
the room of him or them so dying, removing or resigning; and may
at any of their general meetings remove the president, or any of
the directors, and appoint others for and during the remainder of
the term for which such person or persons were at first to have
acted.
7. And be it enacted, That every president and director, before
he acts as such, shall take an oath or affirmation for the due execu-
tion of his office.

Succession
provided for.

8. And be it enacted, That the presence of stockholders, ha-
ving a major part of the stock at least, shall be necessary to con-
stitute a general meeting of the stockholders, which shall be held
on the first Monday in June in every year, at such convenient town
or place, as shall be from time to time appointed by the said gen-
eral meeting; but, if a sufficient number shall not attend on that day,
the stockholders who do attend, may adjourn from time to time,
until the stockholders holding the major port of the stock do at-
tend, and the business of the company is finished, to which meet-

General
meetings; ac-
counts; speci-
al meetings.